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Auckland’s median house price increases for the first time in six months

Auckland’s median house price increased year-on-year for the first time in six months as the median house price outside the country’s biggest city had a 6.2 per cent annual increase, according to Real Estate Institute of New Zealand (REINZ) data.

In August, the median price in Auckland rose 1.4 per cent to $852,000, according to the latest data.

"After six months of flat prices in Auckland it is positive to see an increase as we head towards spring," Bindi Norwell, Chief Executive at REINZ, said.

"Breaking the Super City down into its old regional boundaries has shown that areas with solid annual median price increases were Manukau and Waitakere Cities with rises of 10.1% and 5.1% respectively. Whereas, North Shore City saw a fall of -14.6% year-on-year to a median price of $915,000 the lowest median the North Shore has seen since January 2016," she said.

In New Zealand, the median house price increased 3.6 per cent year-on-year to $549,000.

With the median house price outside Auckland rising by 6.2 per cent, three regions achieved record median prices with two regions equalling previous records.

The record breakers were Gisborne, where the median price went up 42.6 per cent to $335,000, Tasman where the median rose 24.2 per cent to $615,000 and Manawatu/Wanganui, where the price went up 10.5 per cent to $315,000.

Waikato’s median house price increased by 9.4 per cent to $525,00 to equal the record from June while the media price in Hawke’s Bay rose 9.9 per cent to $445,000, equalling a record from March this year.

Auckland, New Zealand - January 11, 2014: New Homes on January 11, 2014. House prices are booming around New Zealand - with the average price of an Auckland city home rocketing to $735,692.
Auckland houses (file picture). Source: istock.com